Almost half of UK businesses are putting off paying their suppliers as a direct consequence of being paid late themselves, demonstrating the devastating impact late payment is having throughout the supply chain.
This consequence of late payment was second only to the inevitable need to spend more time chasing customers for payment. In total, 88 per cent were adversely affected by late payment last year, with businesses commonly having to increase borrowing, pay HM Revenue & Customs later (19 per cent) and even turn away new business as a result.
To compound matters further, 27 per cent revealed the most common late payment excuse they received was that customers were waiting for their own customers to pay.
For more advice on credit control and late payments please email email@example.com